Everyone has a story. Books and movies and songs have stories. Every company and brand has a story. Schools and universities have stories. Governments have stories. My dog has a story. Stories are more important than you might think. In tough times like these, if your story is just about low price, your story will have a sad ending.
Think Walmart is just about low prices? That is part of it, clearly. But it does not explain why competitors who undersold Walmart have been crushed by the Bentonville retailer day after day. Why has McDonald’s been so successful during the economic downturn? Did the Big Macs and fries get better? Did Ronald have a facelift?
By the way, only two companies on the Dow Jones posted gains during the great debacle of 2008 – the two mentioned above. So what did they bring to the cash register that caused people to keep buying from them when every other retailer posted losses (some massive)? People believed their story. Perhaps it was many stories, actually.
Your tagline is not your story. Your logo and company color is not your story. I have seldom seen a mission statement that anyone would pay to hear. But companies with compelling, focused, engaging stories stand out. McDonald’s story can be sung to the tune of the National Anthem. We all grew up there and had birthday parties there and sat next to Ronald and ate the fries with our dates. We have memories of our kids with Happy Meals and the aroma of McNuggets dancing in our heads. Wherever McDonalds built the golden arches, America followed.
We know McDonald’s like an old friend. So when they started offering nicer digs and healthier food, we wanted to be with them again, even if 70% of us just drive through. You forgive those you love, even if what they sold you a few years ago made you fat. That’s love. Same with Walmart.
Walmart sang the everyday low price tune and did it with a smiley face, but what they delivered was believable dependability. They probably had what we needed and the price was right. They were unassuming, informal, friendly and as consistent as the sun. Maybe you hate Walmart for whatever reason, but eventually, people ended up there buying something and meeting friends. In my hometown, Walmart has replaced the town square.
If you think they did this without having a strong central story and powerful subplot stories, you have not been paying attention. Stories work because people are geared to respond to a story. We love stories. We love the people who tell them. We read them, watch them and live them. And we tell them too.
Do you have a story? Does your company or brand have a story? Are you telling it or is someone else telling it for you?
In difficult economic times like these, stories are even more important because people buy what they believe in. Do they believe your story?
